LG Chemical, part of the LG Group and South Korea's largest chemical company, has developed a super-efficient OLED light panel capable of matching the performance of traditional LED offerings currently on the market.
Expected to launch in November, the new OLED panels have an efficacy of 100 lumens per watt and a life of 40,000 hours. Lumens per watt measures how well a light source produces visible light.
To compare, current fluorescent lights clock in at 100 lumens per watt and 20,000 hours while LED panels can reach 100 lumens per watt and 50,000 hours. Until now, OLED light panels have only been able to achieve an efficacy of 60 lumens per watt.
Despite being approximately 10 times more expensive than its LED counterparts, LG Chem representatives expressed hope in reducing costs: "We think the significance is in being able to bring the efficacy up to LED standards. We expect unit costs to ultimately decrease by five-fold or more through ongoing developments."
LG Chemical plans to market its new light panels to North American and Europe, where eco-conscious products are more commercially viable. The Korean company has already partnered with more than 50 lighting companies, including one of United States' biggest, Acuity Lighting.
The company also sees automotive lighting as a promising growth sector, where OLED panels are beginning to be used in headlights and tail lights.